EZchip to Buy Tilera

YOKNEAM, Israel -- EZchip Semiconductor Ltd. (NASDAQ:EZCH), a leader in high-performance network processors, today announced that it has signed a definitive agreement to acquire Tilera Corporation, a privately-held US-based company that develops high-performance multi-core processors, intelligent network interface cards and white-box appliances for data-center networking equipment. The acquisition is intended to provide significant new growth opportunities for EZchip by accelerating the Company’s expansion into new markets, diversifying its customer base and product lines and doubling its target Total Available Market (TAM).

Under the terms of the agreement, EZchip will pay Tilera’s stockholders up to $130 million in cash; of which $50 million is payable at closing and up to an additional $80 million is payable subject to the attainment of certain future performance milestones. The transaction has been approved by the EZchip and Tilera boards of directors and is subject to customary closing conditions. The transaction is expected to close in the third quarter of 2014.

EZchip currently expects the acquisition to be neutral to slightly dilutive in 2014 and accretive in 2015 to earnings per share on a non-GAAP basis. Following the closing, Devesh Garg, the CEO of Tilera, will serve as EZchip’s President in charge of all US operations.

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